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A cleanup clause is a contractual provision in a loan agreement which provides that all loans must be repaid within a specified period, after which no further loans will be made available to the debtor for a specified "cleanup" period. It may also refer to revolving line of credit.
For example, if they need the funds to cover an unexpected trip to the hospital versus a luxury vacation, that could change the dynamic of the loan. Your personal finances: Can you afford to lend ...
Business credit cards: Business credit cards work similarly to a revolving business line of credit, replenishing the amount you can borrow as you pay it back. But if you pay off the credit card in ...
A home equity line of credit, or HELOC (/ˈhiːˌlɒk/ HEE-lok), is a revolving type of secured loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower's property (akin to a second mortgage).
A business line of credit gives companies a revolving line of credit to use as they need ... term loan may make more sense. For example, getting an equipment loan would likely make more sense if ...
Credit cards are an example of revolving credit used by consumers. Corporate revolving credit facilities are typically used to provide liquidity for a company's day-to-day operations. They were first introduced by the Strawbridge and Clothier Department Store. [1] It is an arrangement which allows for the loan amount to be withdrawn, repaid ...
Personal lines of credit are an unsecured revolving credit line, similar to a credit card. They have variable rates, which are usually pegged to the prime rate. Unlike a personal loan, lines of ...
Loan agreements are documented via their commitment letters, agreements that reflect the understandings reached between the involved parties, a promissory note, and a collateral agreement (such as a mortgage or a personal guarantee). Loan agreements offered by regulated banks are different from those that are offered by finance companies in ...
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